Ministry of Corporate Affairs came out with 4th amendment of the year to the Companies (Share Capital and Debentures) Rules, 2013. The Companies (Share Capital and Debentures) 4th Amendment Rules, 2016 published in Official Gazette on 12th August 2016 and came into force from that date, is available online now.
Posted in Chapter IV - CA2013, Companies Act 2013
Ministry of Corporate Affairs came out with 3rd amendment of the year to the Companies (Incorporation) Rules, 2013. The Companies (Incorporation) 3rd Amendment Rules, 2016 published in Official Gazette on 27th July 2016 and came into force from that date, is available online now. In this third blog post of 3 post series, we will discuss newly inserted rules 37 inserted by these amendment rules.
Ministry of Corporate Affairs came out with 3rd amendment of the year to the Companies (Incorporation) Rules, 2013. The Companies (Incorporation) 3rd Amendment Rules, 2016 published in Official Gazette on 27th July 2016 and came into force from that date, is available online now. In this second blog post of 3 post series, we will discuss these amendments in rules 28, 29, 30 and 36.
Posted in Chapter II - CA2013, Companies Act 2013
Ministry of Corporate Affairs came out with 3rd amendment of the year to the Companies (Incorporation) Rules, 2013. The Companies (Incorporation) 3rd Amendment Rules, 2016 published in Official Gazette on 27th July 2016 and came into force from that date, is available online now. In this first blog post of 3 post series, we will discuss these amendments in rules 3, 8, 13, 16 and 26.
Posted in Chapter II - CA2013, Companies Act 2013
Tagged Company name, subscribers, trade name
Ministry of Corporate Affairs came with amendment to the Companies (Accounts) Rules, 2014, last month. These rules has been published in official gazette on 27th July 2016 and came into force on that date. In this post, we will discuss these amendments in this blog post.
Ministry of Corporate Affairs came with amendment to the Companies (Acceptance of Deposits) Rules, 2014, last month. These rules has been published in official gazette on 29th June 2016 and came into force on that date. In this post, we will discuss these amendments. Continue reading
Ministry of Corporate Affairs came with amendment to the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, last month. These rules has been published in official gazette on 30th June 2016 and came into force on that date. In this post, we will discuss these amendments.
Government of India has removed a dozen difficulties from the Companies Act, 2013. Yes, the Companies (Removal of Difficulties) Third Order, 2016 is twelfth order in Removal of difficulties series of Orders in these three years.
In this post we will discuss this Removal of Difficulties Order.
Posted in Chapter I - CA2013, Chapter X - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Auditor, Removal of Difficulties, Rotation of Auditor, Section 139 of Companies Act 2013, The Companies (Audit and Auditors) Rules 2014, the Companies (Romoval of Difficulties) Third Order 2016
On 18th May 2016 Insurance Regulatory and Development Authority of India issued revised guidelines on corporate governance for insurance companies. In earlier post we discussed these guidelines in brief. In this post, we will briefly discuss, Key Management Persons for insurance companies as mentioned in these guidelines.
Despite my long standing habit of seeing governments and political leaders, irrespective of party they belong, critically; one political leader, I appreciate is Arjun Ram Meghwal. I know much less about the person, but the information in popular public domain is impressive.
He is a person, who use his cycle (push – bike) to his place of work, Parliament of India at his age of 61. Recently, we husband – wife took inspirations from him to use cycle to place of work though we may not agree with many of his political thoughts.
He belongs to traditional Weaver family (a depressed caste and class in India) of Kismidesar village in Bikaner. He is a “victim” of traditional child marriage system, married at age of 13. He was born on 7th December 1954.
After marriage, he did graduation in Arts, Law and masters thereafter. After marriage, study is quite a hardship for all women or men alike.
He started career as telephone operator, considered as low profile career option and front line of corruption for years till opening of sector for marker competition. He won the elections for the post of general secretary of Telephone Traffic Association.
Thereafter, he passed the examination for Rajasthan State Administrative Service in his second attempt. This is again a good achievement for a child married dalit telephone operator.
But, story not end here, he got promoted (awarded) Indian Administrative Service (IAS). Promotion to PCS (State Administrative Services) to IAS, need hard work, experience, public respect and sometime political connections.
He won the election for Lok Sabha (lower house of Indian Parliament) in 2009 and 2014.
Now, he is Minister of State for Ministry of Finance and Ministry of Corporate Affairs and will report to his senior in these ministries Sh. Arun Jaitly.
Posted in Governance and Responsibility, Truth of Our Time
On 18th May 2016 Insurance Regulatory and Development Authority of India issued revised guidelines on corporate governance for insurance companies. In last post we discussed these guidelines in brief. In this post, we will briefly discuss, Board Committees for insurance companies as mentioned in these guidelines.
Posted in CorpGov, Governance and Responsibility
Tagged Audit Committee, Board Committee, Corporate Social Responsibility Committee, Insurance Company, Insurance Regulatory and Development Authority, Investment Committee, Nomination and Remuneration Committee, Policyholder Protection Committee, Risk Management Committee, With Profit Committee
On 18th May 2016 Insurance Regulatory and Development Authority of India issued revised guidelines on corporate governance for insurance companies. These Guidelines are applicable from finance year 2016 – 17 except a relief later on granted in respect of auditor. In this post, we will briefly discuss these revised guidelines.
Recently, an order of honorable Punjab and Haryana High Court was point of discussion and hot debate in professional circle in India. In the order, the High Court direct that name of respondent Vivek Kapoor be removed from the register of members of the Institute of Chartered Accountants of India for life.
Posted in Company Secretary
Tagged Chartered Accountant, High Court, Professional Misconduct, Removal of Name
ICSA – the Governance Institute in May 2016 issued a consultation paper on the practice of minuting meeting. Comments can be sent at policy@icsa.org.uk on or before 24th June 2016. This is beneficial to discuss international thoughts and development, particularly when we India discussion our Secretarial Standards on Board Meetings and Minuting.
“Taking minutes of meetings is administrative good practice. It creates a record of what has been agreed, and by whom; and of what is to be done, by when and by whom.”[1]
Posted in Legal Neighbourhood
Central Government by a notification published in Official Gazette on 18th May 2016 appointed the 18th day of May, 2016 as the date on which the provisions of clause (iv) of sub-section (29) of section 2, sections 435 to 438 (both sections inclusive) and section 440 of the Companies Act, 2016 shall come into force. These provisions deal with Special Courts under Chapter XXVIII of the Companies Act, 2013. Even though, we have already discussed these provisions originally earlier here and with amendment here, it may be beneficial to have these notified sections in this post again.
Posted in Chapter XXIX - CA2013, Chapter XXVIII - CA2013, Companies Act 2013
Tagged Special Court
Yesterday late evening, I posted here about press release issued by Ministry of Corporate Affairs. Soon thereafter, two files uploaded on Official Gazette website with two notifications in each. In earlier post here today, we discussed establishment and jurisdiction of various NCLT benches.
In this post, we will have a bird’s eye view on Sections notified on 1st June 2016 related to NCLT.
Posted in Chapter I - CA2013, Chapter II - CA2013, Chapter IX - CA2013, Chapter VI - CA2013, Chapter VII – CA2013, Chapter XI - CA2013, Chapter XIV - CA2013, Chapter XV - CA2013, Chapter XXVII - CA2013, Companies Act 2013, CorpGov, Governance and Responsibility
Tagged Accounts, Annual General Meeting, Annual Return, Articles, Auditor, Board of Directors, Boards’ Report, class-action suits, Debentures, deposits, Deposits Creditors and Charges, General Meeting, Incorporation, Incorporation & Registration, Inquiry, INQUIRY AND INVESTIGATION, Inspection, Investigation, Members and Shareholders, Memorandum, National Company Law Appellate Tribunal, National Company Law Tribunal, NCLAT, NCLT, Oppression and Mismanagement, Shares and Securities, Statutory Audit
Yesterday late evening, I posted here about press release issued by Ministry of Corporate Affairs and tweets posted by Ministry of Finance. Soon thereafter, two files uploaded on Official Gazette website with two notifications in each. In this post, we will discuss three notifications dealing with jurisdiction. Another post related to provisions notified will follows. Keep watch on this space. Continue reading
Wait before celebration. Caution is buzz word at all transition. Celebration may be deferred till first anniversary.
Now, yes; a press release dated 1st June 2016 time 17.14 IST announce establishment of National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with dissolution of Company Law Board (CLB). Observer, rightly say, this is name change only with minor changes to facilitate – like appointment of Chairperson NCLAT.
The Ministry of Corporate Affairs has, according to said press release, issued notification for constitution of the National Company Law Tribunal (NCLT) and National Company Law Appellate Tribunal (NCLAT) with effect from today i.e. 1st June, 2016. Honourable Justice S. J. Mukhopadhaya, Judge (Retd.), Supreme Court of India has joined as the Chairperson of the NCLAT and Honourable Justice M. M. Kumar, Judge (Retd.) has joined as the President of the NCLT.
With the constitution of the NCLT, the Company Law Board constituted under the Companies Act, 1956 stands dissolved.
Initially, NCLT will have eleven Benches, two at New Delhi and one each at Ahmedabad, Allahabad, Bengluru, Chandigarh, Chennai, Guwahati, Hyderabad, Kolkata and Mumbai.
Same time, in absence of Ministry of Corporate affairs on twitter and other social media, official twitter handle of Ministry of Finance socially announced the same:
Till the time of posting this blog post; neither relevant notification was uploaded to official gazette website nor copy of unpublished draft notification uploaded on website of Ministry of Corporate Affairs.
Please note: This blog invite readers to share their comments, suggestions, hardship, queries and everything in comment section. This blog post is not a professional advice but just a knowledge sharing initiative for mutual discussion.
On 28th day of May 2016, Ministry of Law and Justice published the Insolvency and Bankruptcy Code 2016 for “General Information” of receiving the assent from President of India.
By this publication, nothing including Section 1 of the Insolvency and Bankruptcy Code 2016 come into force. Accordingly, “It shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint [Section 1(3)].” This Section is in sharp contrast with Section 1(3) of the Companies Act, 2013, which make it clear that Section 1 of that Act came into force at once.
In case of the Insolvency and Bankruptcy Code, 2016 government is required to notify this Act, including its Section 1.
Further, According to Proviso to sub – section (3) of Section 1, different dates may be appointed for different provisions of this Code and any reference in any such provision to the commencement of this Code shall be construed as a reference to the commencement of that provision.”
Accordingly, the Insolvency and Bankruptcy Code, 2016 shall not come into force at once but in phased manner. This is correct approach for smooth enforcement of any big legislation.
As No section of the Code came into force on 28th May 2016 including Sections 245 to 255, there is not amendment in the Acts mentioned these Sections. Accordingly, the Companies Act, 2013 has no amendment on 28th May 2016.
Please, Readers of this Blog aishmghrana.me read widely circulated Whatsapp, facebook and other Social Media Messages in light of above discussion.
Please note: This blog invite readers to share their comments, suggestions, hardship, queries and everything in comment section. This blog post is not a professional advice but just a knowledge sharing initiative for mutual discussion.
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